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LONDON (Alliance News) - Botswana-focused exploration firm Kavango Resources PLC on Tuesday reported a loss in its maiden set of annual results since listing in London.
Kavango listed in London in July 2018.
Kavango's pretax loss for 2018 amounted to USD534,242, versus a profit of USD5,945 in 2017. The company did not generate any revenue in either period.
Administrative costs jumped to USD534,242 from just USD44,055 in 2017. The company recorded USD50,000 in 'other income' in 2017, which had lifted the company into a small profit.
"Our mineral exploration activities in Botswana are on target having already achieved several significant milestones in this short period," said Chief Executive Michael Foster.
These include the completion of an airborne electromagnetic survey over a large part of its Kalahari Suture Zone project, and 1,000 metres of drilling over some "exciting" base metal anomalies at the Ditau prospect.
"Results are eagerly awaited and will be announced as they become available. We look forward to an exciting programme of exploration in 2019," Foster said.
Shares in Kavango were down 9.2% at 2.86 pence on Tuesday. The stock is up 42% so far in 2019.